“Population
growth across Victoria continues to outperform that of other states across the
country, which has been a key driver to the strong buyer demand for these
Victorian retail properties,” CBRE’s Justin Dowers said.

The
fact that residential growth continues to outgrow that of the retail sector is
driving buyer confidence in the retail investment market.”

CBRE’s
Rorey James added that the property’s strong sale result, which represented a
yield of 7%, was evidence of strengthening conditions in the retail market.

“This sale is another signal that the market is willing
to pay premium prices to acquire secure retail assets, irrespective of the
presence of a supermarket anchor tenant, given the continued supply/demand
imbalance of these assets,” Mr James explained.

“This trend has been further enhanced
given the emergence of offshore and interstate buyers entering into the
Victorian commercial property market, with two interstate and one of​fshore
offer received following the close of the public expression of interest
campaign.”

Beaconsfield
Hub had the added scope of the possibility of subdividing into seven separate
titles providing future development flexibility, as well as onsite parking for
71 vehicles.

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